by JH | News tax insight | Nov 14, 2024 | Controversy Tax
Federal Tax Liens (FTLs) play a critical role in the IRS’s ability to secure unpaid tax debts. Despite their significance, there is often confusion among taxpayers and practitioners about their implications and the options available to mitigate their...
by JH | News tax insight | Nov 14, 2024 | Controversy Tax
Taxpayers who present baseless arguments in disputes with the IRS risk not only losing their cases but also incurring significant penalties. The case Swanson v. Commissioner examines the Tax Court’s recent application of the frivolous position penalty under IRC...
by JH | News tax insight | Nov 13, 2024 | Tax Preparation
The IRS provides tax relief measures for individuals and businesses affected by federally declared disasters, extending deadlines for filing returns and making payments. Tax practitioners play a crucial role in securing these extensions for clients impacted by...
by JH | News tax insight | Nov 13, 2024 | International Tax, International Tax, Small Business Tax Planning
S-corporations (S-corps) are a popular business structure with strict eligibility rules, especially regarding who can be a shareholder. There’s a myth among some tax practitioners that only U.S. citizens or residents with Social Security Numbers (SSNs) qualify as...
by JH | News tax insight | Nov 11, 2024 | Tax Deductions
Taxpayers often face obstacles in justifying deductions. The case IQ Holdings, Inc. v. Commissioner examines the Tax Court’s recent opinion on the evidentiary requirements for deductions related to inventory adjustments for damages, charitable donations and net...
